Binance Readies Return to Indian Crypto Market
According to sources familiar with the matter, Binance, the world's largest cryptocurrency exchange, plans to re-enter India by paying a $2 million penalty.
The exchange aims to reform its South Asian entity to comply with India’s Financial Intelligence Unit regulations, including those related to money laundering and taxation.
In January, the Indian government blocked nine crypto websites for non-compliance with local regulations, leading to the removal of crypto exchange apps from Apple and Google stores in the region.
Binance South Asia’s X account expressed commitment to regulatory compliance and maintaining dialogue with regulators worldwide.
READ MORE: Tether to Launch Non-Custodial Tokenization Platform
Before the ban, Binance held around 90% of Indian investors’ crypto holdings, estimated at $4 billion.
Its previous dominance was partly due to non-compliance with local tax laws, allowing users to trade crypto without paying the 1% tax deducted at source. Binance and the FIU have yet to confirm details of the planned return to India.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
